Teacher corporate is expected to pay $10 dividend per share in the coming year. Assume the dividends per share are expected to grow indefinitely by 5% per year. Given the market capitalization rate is 12% per year, and it's expected earning is $12.99 per share. a. Calculate the implied return on equity (ROE). (2 marks) b. Calculate the present value of growth opportunities (PVGO) assuming the current stock price is $142.86. (2 marks) C. Show what happens to the firm's PE if Teacher pays out all the earning as dividend. That is, compare the PE ratio of paying $10 as dividend vs paying out all earnings as dividend. (2 marks)